Former Aston Martin dealers file £150m lawsuit over Valkyrie underwriting September 14, 2022 A couple of ex Aston Martin dealers have launched a £150m lawsuit against the luxury car maker over the underwriting of the Valkyrie model. Switzerland-based Nebula Project AG filed a private arbitration case in London, as it argued that it was owed royalty payments worth 3 per cent, sources told the Financial Times. “We are [...]
Aston Martin launches £575m rights issue powered by Saudi Crown Prince MBS September 5, 2022 Luxury car maker Aston Martin confirmed this a.m. a £575m rights issue, which will be supported by a fund controlled by Saudi Arabia’s de facto leader. It told shareholders on Monday that it will launch the rights issue – a share offer to current investors intended to raise new cash – as part of a [...]
Britishvolt £3.8bn gigafactory to push back production until mid-2025 August 29, 2022 Electric vehicle battery startup Britishvolt will not deliver any products from its £3.8bn gigafactory for another three years, its co-founder has said today. The gigafactory, which began construction last summer, had initially been anticipated to start battery production in late 2023. “The main facility will be delayed slightly into mid-2025,” former CEO Orral Nadjari told [...]
Aston Martin’s profits drop as supply chain disruption scuppers deliveries July 29, 2022 Luxury sports car seller Aston Martin today said its losses had more than doubled due to the impact of supply chain disruption in the first half of 2022. Aston Martin said its sales volumes dropped eight per cent from 2,901 in the first half of 2021 to 2,676 in the first half of 2022. The [...]
Saudis now second-largest investor in Aston Martin as £653m raised to pay off debts July 15, 2022 Saudi sovereign wealth fund PIF has become the second-largest shareholder in UK luxury car maker Aston Martin, sending shares up 25 per cent. The fund, controlled by Saudi Crown Prince Mohammed bin Salman (MBS), will own a 16.7 per cent stake in the marquee. This will be behind the 18.3 per cent owned by Canadian [...]
Shares plunge for Aston Martin after car maker said it was considering all options amid Saudi funding rumours July 1, 2022 Shares in luxury carmaker Aston Martin plunged 14 per cent yesterday after it said it was considering options after rumours that Saudi Arabia’s sovereign wealth fund was eyeing an investment. As first reported by trade publication Autocar, Aston Martin is considering sale of equity in return for an infusion of as much as £200m. It [...]
Aston Martin unveils ex-Ferrari boss as new CEO May 4, 2022 Aston Martin has unveiled an ex-Ferrari boss as its new CEO, to steer the automotive and engineering firm through the energy transition and trim losses. Felisa, formerly the CEO of Ferrari, spent over 26 years with the rival automotive manufacturer. The incoming boss will succeed Tobias Moers, who steps down with immediate effect, but will [...]
Aston Martin presses EV accelerator with Britishvolt partnership March 7, 2022 Deluxe car maker Aston Martin has pressed the electric vehicle (EV) accelerator, announcing today a partnership with UK battery technology firm Britishvolt. The partnership is expected to help the car maker launch its first fully electric vehicle in 2025. A joint team from both companies will be tasked to design, develop and industrialise batteries, working [...]
Aston Martin outperforms pre-pandemic revenue thanks to ongoing ‘brand desirability’ February 23, 2022 Aston Martin drove “significant progress” in the past year, with wholesales increasing 82 per cent as more normal operations were resumed following pandemic restrictions in 2020 and completed rebalance of dealer inventory in the first quarter of 2021. Revenue increased to £1.1bn largely due to substantial volume growth, driven by customer demand, and strong pricing [...]
Lawrence Stroll interview: Aston Martin, bonds and becoming F1 world champions October 21, 2021 Mention of bonds and Aston Martins usually calls to mind the fictitious adventures of 007, but for Lawrence Stroll, the words relate to his very real ambitions to shake and stir Formula 1. Less The World Is Not Enough; more Only The World Championship Will Do. Canadian billionaire Stroll this month launched a retail bond [...]